Lion One Metals: Further Gold Porphyry Exploration Upside Confirmed at Tuvatu
23 Novembro 2011 - 12:30PM
Marketwired
Lion One Metals Limited (TSX VENTURE:LIO) (OTCQX:LOMLF)
(FRANKFURT:LY1) (the "Company") is pleased to report results from
concurrent trenching and drill core analysis programs at its Tuvatu
Gold Project on the island of Viti Levu in Fiji. Trench 7 exposed a
wide interval of coexisting porphyry and epithermal gold
mineralization averaging 3.96 g/t gold over 71 meters. The trench
is located in the First Porphyry Bulk Development Area,
geologically interpreted to represent the upper levels of a gold
porphyry system adjoining and overprinted by a high grade
epithermal system.
Gold mineralization in Trench 7 is observed in well-defined
epithermal quartz-calcite veins, in addition to more diffuse
quartz-only veins surrounded by secondary biotite, an alteration
assemblage diagnostic of porphyry style mineralization. The trench
sits near the valley floor, one hundred meters in elevation below
and 500 meters to the north of Tuvatu's Upper Stockwork Zones.
Mineralization remains open to the east.
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TRENCH TRUE
LENGTH WIDTH GOLD
BENCH #7 (meters) (meters) (g/t) NOTES
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Entire Trench 89.0 85.3 3.16 Entire Trench Interval
Interval
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which includes 71.0 68.1 3.96 Entire Epithermal/Porphyry
Structure
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which includes 14.0 13.4 11.24 High-Grade Central Core
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The Company also received positive results from resampled
historic drill hole DDH-014, drilled close to Trench 7 in the First
Porphyry Bulk Development Area. DDH-014 had previously been only
partially sampled but now returns 0.74 g/t over 91 meters,
including 49 meters averaging 1.03 g/t gold, with the hole
bottoming at a depth of 111 meters in porphyry material grading
1.58 g/t. The Company has commenced testing the northern extent of
this area for a possible second porphyry bulk development
block.
Assays are pending for core samples from 35 drill holes,
including 24 holes from the Murau Development Area. The Company is
preparing additional holes for laboratory analysis and expects to
receive results for this work on an ongoing basis. The Company
expects to significantly increase the resource base through the
process of sampling and assaying unsampled core material and by
significantly lowering the 3 g/t grade cutoff applied in historic
reserve estimates.
Lion One Chairman and CEO, Walter Berukoff said, "These results
provide further confirmation that porphyry and epithermal gold
mineralization coexist in the Tuvatu system. We are advancing
Tuvatu's transition into a large bulk tonnage target and are
encouraged by the latest exploration results, which continue to
broaden the horizontal and vertical extent and continuity of gold
mineralization in the Tuvatu system."
QA/QC
Samples are analyzed at Australian Laboratory Services (ALS)
Pty. Ltd. an independent and qualified analytical laboratory in
Brisbane, Australia. Samples are first prepared and crushed at the
ALS facility in Suva, Fiji. Samples are subjected to fire assay
with atomic absorption finish for gold and 33 elements, four acids,
Inductively Coupled Plasma Spectrometry (ICP-AES). Consistent with
industry standard QA/QC protocols, sample standards and blanks are
inserted to ensure quality control.
THE TUVATU GOLD DEPOSIT
The Tuvatu property lies within Viti Levu Lineament, a
north-west trending belt that hosts a number of alkaline volcanic
centers. These include the world-class Vatukoula Gold Mine, which
lies approximately 50 km to the north east. Low sulphidation,
epithermal gold veins at Tuvatu occur along the margins of the
eroded Navilawa volcanic center in a multi-phase geologic
environment that also hosts porphyry copper-gold and VMS style
mineralization. The Fijian Islands themselves are situated along
the margins of the SW Pacific Rim regional tectonic plate, the host
of a number of world class epithermal gold-silver and porphyry
copper-gold deposits that include Lihir, Porgera, Wafi-Golpu (Papua
New Guinea), and Lepanto (Philippines).
QUALIFIED PERSON
Helen Grond, P.Geo, Senior Geologist with Lion One and Brian
Hall, P.Geo, are Qualified Persons for the Company for purposes of
National Instrument 43-101 has reviewed the technical information
in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Walter H. Berukoff, Chairman of the Board
This press release may contain "forward-looking information"
within the meaning of applicable Canadian securities legislation.
All statements, other than statements of historical fact, included
herein are forward looking information. Generally, forward-looking
information may be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect",
"proposed", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases, or by the use
of words or phrases which state that certain actions, events or
results may, could, would, or might occur or be achieved. This
forward-looking information reflects Lion One Metals Limited's
current beliefs and is based on information currently available to
Lion One Metals Limited and on assumptions Lion One Metals Limited
believes are reasonable. These assumptions include, but are not
limited to, the actual results of exploration projects being
equivalent to or better than estimated results in technical
reports, assessment reports, and other geological reports or prior
exploration results. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of Lion One Metals Limited or its subsidiaries to be
materially different from those expressed or implied by such
forward-looking information. Such risks and other factors may
include, but are not limited to: the early stage development of
Lion One Metals Limited, general business, economic, competitive,
political and social uncertainties; the actual results of current
research and development or operational activities; competition;
uncertainty as to patent applications and intellectual property
rights; product liability and lack of insurance; delay or failure
to receive board or regulatory approvals; changes in legislation,
including environmental legislation, affecting mining, timing and
availability of external financing on acceptable terms; not
realizing on the potential benefits of technology; conclusions of
economic evaluations; and lack of qualified, skilled labor or loss
of key individuals. Although Lion One Metals Limited has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. Accordingly, readers
should not place undue reliance on forward-looking information.
Lion One Metals Limited does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Service
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Lion One Metals Limited Investor Relations
604-998-1250 or NA Toll Free:
1-855-805-1250info@liononemetals.comwww.liononemetals.com
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